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Indian firms seek local partners
Fifty Indian businesses led by the Federation of Indian Chamber of Commerce and Industry are visiting Viet Nam to seek co-operation opportunities, according to the Indian Embassy in Viet Nam.
The firms specialise in power, iron and steel, metallurgy products, infrastructure and civil engineering, pharmaceutical, textiles, automobile production, food processing and construction materials.
During their 10-day visit, Indian firms will participate in a Vietnamese-Indian Business Forum to be held in both Ha Noi and HCM City, an event that offers an immense opportunity for Vietnamese companies to improve relations with Indian companies to improve the possibility of trade and investment.
"This will also be a good chance for authorities in various provinces to promote their investment environments," the embassy said.
The firms and Indian firms doing business in Viet Nam. will also join the Ha Noi International Trade Fair (Ha Noi Expo 2009) with 20 booths
During the past 40 years since Viet Nam and India established diplomatic ties, the two countries’ bilateral economic relationship has seen significant growth. Two-way trade has posted an annual growth rate of 20 per cent in the past few years.
Last year, Viet Nam exported US$387 million worth of products to India, a yearly increase of 46 per cent.
The figure, however, decreased 14 per cent over the last eight months, reaching only $222 million so far this year due to the impact of the global economic crisis.
Major exported goods from Viet Nam to India include pepper, footwear, rubber, coal computer hardware and electronic products, garments and textiles products and pharmaceuticals.
During the past eight months, Indian firms have pumped over $200 million into 35 projects in Viet Nam, ranking 29th among 88 countries and territories investing in the country.
VNS
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